It would cost £100bn to achieve Labour’s plan of wiping out student debt
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The Labour Party wants to abolish student debt, as Jeremy Corbyn emphasised in his campaign for the recent general election.
Corbyn has stated his desire to help students who have built up a significant amount of debt from their education. According to iNews, he stated: “I’m looking at ways we could reduce that, ameliorate that, lengthen the period of paying it off, or some other way of reducing the debt burden.”
However, the shadow education secretary, Angela Rayner, has stated that it would require around £100bn to achieve any plan of getting rid of student debt. She insisted that the party would not commit to anything unless they knew how to pay for it.
Rayner stated: “Jeremy said that’s an ambition, it’s something that he’d like to do. It’s something that we will not announce that we’re doing unless we can afford to.”
She continued to say that the massive amount of £100bn quoted is likely to increase over time.